The global spices and seasonings market size is projected to gain impetus from the increasingpopularity of ethnic cuisines all across the world. Spices and seasonings areingredients that enhance the flavor, and color of the food. It also helps to preservescooked food for a longer time. Spices are derived from various natural sourcessuch as the bark of trees, fruits, flowers, seeds, buds, leaves, roots, andothers. A recent report by Fortune Business Insights titled, “Spicesand Seasonings Market Size, Share & Industry Analysis, By Type (Pepper,Chili, Ginger, Cinnamon, Cumin, Turmeric, Nutmeg and Mace, Cardamom, Cloves,and Others), Application (Meat and Poultry, Bakery and Confectionery, FrozenFood, Snacks and Convenience Food, and Others), and Regional Forecasts2019-2026,” discusses the market and its growth trajectories indetails. As per this report, the market is expected to rise from USD 15.93billion in 2018 to reach USD 22.87 billion by the end of 2026, exhibiting aCAGR of 4.7% between 2019 to 2026.
Drivers & Restraints-
Natural Medicinal Properties of these Products to Aid in Expansionof Market
The growing demand for organic spices is promoting thespices and seasonings market growth. In addition to this, the increasing demandfor turmeric, sold as Curcuma in the European nations is also boosting themarket. Moreover, spices have medicinal properties, for instance, pepperminthelps to reduce nausea feeling, sage can improve the function of the brain,cinnamon helps to lower the blood sugar and is used for anti-diabetic effect.Such factors also add impetus to the market. Furthermore, the increasingpopularity of organic spices is also expected to fuel the demand for spices andcondiments in the coming years.
On the contrary, spices and seasonings are highly prone tomicrobial contaminations and this affects their shelf time, thereby hamperingthe market. This, coupled with the adulteration of spices may cause hindranceto the overall market in the long run.
Nevertheless, the rise in demand for these products as naturalpreservatives used in meat and poultry products and the increasing demand fornatural products for health and wellness are likely to create lucrative growthopportunities for the market in the coming years.
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Segment-
Pepper Segment likely to Earn 41% Share in Market with WorldwideTransport
Based on type, the market was dominated by the pepper segment.Nations such as the U.S., India, and Vietnam collectively accounted for a 41%share in 2018. Other nations such as Sri Lanka, the U.A.E., Malaysia, China,Singapore, Bulgaria, and the U.K. cumulatively accounted for 33% share in themarket. The rest of the world holds the rest of the share.
Regional Analysis-
Asia Pacific may Rise at 8.4% CAGR with Booming Food ProcessingIndustry
The growth of the food processing industry is having a positiveimpact on the spices and condiments market share in the Asia Pacific. Thisregion is expected to rise at a CAGR of 8.4% during the forecast period owingto wide population dynamics, and the age-old spicy food tradition followed bythe region. Top spice producing nations in this region include Pakistan, China,and Turkey. India exports an average of 15-20% of spices to other nations.Vietnam is responsible for approximately 50% of the global pepper trade.
Besides this, the European market will also witness significantgrowth on account of the increasing consumption of organic spices. Most of thespices imported include ginger, capsicum, and pepper.
Competitive Landscape-
Construction of New Spice Factories – Key Objective of Players
At present, Ajinomoto and McCormick have emerged as novel playerswith their highly aesthetic product standards and innovations. Besides this, playersespecially in other nations such as the U.S. are investing in the constructionof new spice factories for manufacturing spices, thereby gaining a competitiveedge in the future market.
Browse Summary of This Research Insights with Detailed TOC:
https://www.fortunebusinessinsights.com/industry-reports/spices-and-seasonings-market-101694
